Apple has more cash on hand than Uncle Sam

Tina Nguyen Contributor
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As of Thursday afternoon, the federal government has less money to spend than Apple.

The Financial Post dug into the U.S. Treasury’s daily reports and found that the federal government has a remaining operating balance of $73.768 billion before it hits the debt ceiling next Tuesday.

In stark contrast, Steve Jobs’ company has cash reserves of $75.876 billion, according to its recent and record-breaking second quarter earnings report.

“Of course, the numbers aren’t directly comparable,” writes Matt Hartley. “The government’s number represents how much financial headroom it has before bumping up against an arbitrary debt ceiling, while Apple’s cash reserve represents the pile of money the Cupertino, California-based company has available on its balance sheet.” (RELATED: GOP aims to gut Christmas, White House alleges)

If the current debt ceiling crisis remains unresolved, the federal government will begin to have difficulty meeting all of its financial obligations after the August 2 deadline to raise the debt ceiling. Raising the debt ceiling will allow the federal government to continue borrowing, but time is running out for Congress to reach a spending agreement.